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ICE EUA FUTURES TECHS: (Z4) Bearish Trend Sequence

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €72.21 - High Aug 28 
  • RES 3: €70.03 - 61.8% retracement of the Aug 20 - Sep 19 bear leg
  • RES 2: €68.57 - 50.0% retracement of the Aug 20 - Sep 19 bear leg    
  • RES 1: €65.10/66.91 - 20 and 50-day EMA values
  • PRICE: €61.84 @ 13:07 BST Oct 3
  • SUP 1: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle  
  • SUP 2: €60.00 - Psychological round number
  • SUP 3: €59.69 - Low Apr 8
  • SUP 4: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle

The trend direction in ICE EUA futures is down and this week’s sell-off reinforces this theme. The contract has breached support at 62.39, the Sep 19 low and a bear trigger. A clear break confirms a resumption of the downtrend and opens €61.40, a Fibonacci retracement. Further out scope is seen for a move towards €60.00. Initial resistance is at 65.10, the 20-day EMA.

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  • RES 4: €72.21 - High Aug 28 
  • RES 3: €70.03 - 61.8% retracement of the Aug 20 - Sep 19 bear leg
  • RES 2: €68.57 - 50.0% retracement of the Aug 20 - Sep 19 bear leg    
  • RES 1: €65.10/66.91 - 20 and 50-day EMA values
  • PRICE: €61.84 @ 13:07 BST Oct 3
  • SUP 1: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle  
  • SUP 2: €60.00 - Psychological round number
  • SUP 3: €59.69 - Low Apr 8
  • SUP 4: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle

The trend direction in ICE EUA futures is down and this week’s sell-off reinforces this theme. The contract has breached support at 62.39, the Sep 19 low and a bear trigger. A clear break confirms a resumption of the downtrend and opens €61.40, a Fibonacci retracement. Further out scope is seen for a move towards €60.00. Initial resistance is at 65.10, the 20-day EMA.